Hi everybody!
I am starting a new business and I have some money to invest. Now I am thinking in asking someone who knows how to make everything I want to be a partner. Actually she knows the bake/cook part of it.
Does anyone have any experience with this kind of situation? How much I should offer since "cooking" is what she will do? Should I pay for her time like a regular employee too? I am lost!
Also how can I calculate "truffles" pricing? It is so little of everything (supplies) but then all the other costs... It is my first time having this kind of business so I have no idea...
Thank you very much!
Kaka
What kind of partnership are you looking for? You can have a 50/50. Or you can own the business and have her as an employee and treat it as such.
Can I ask why you want to go into a business, but don't know how to make the product you want to supply? What happens if something happens to the partnership or she decides she doesn't want to work with/for you any more?
As far as pricing it is based off of how much you spend making it, how long it takes you and how much your time is worth, plus how much profit you want.
While the cost of actually making the truffles may not be much you still have to bag/box them or have them in some sort of container. With items like that, I think the packaging is where the cost really adds up.
thank you for your response.
I think it is a good opportunity for business and for sure I can hire someone who knows how to make things I don't in case a partner decides to part away. As a partner I would like someone who brings something to the table, in this case skills for baking, decorating (not necessarily wedding cakes). I hope I can find someone who has passion for it...and a little vision doesn't hurt either... If someone offer you something like this what you would do? What would be reasonable to accept?
Thanks!
Before I retired, I had a bakery with a friend. We were a 50/50 partnership, but we both new how to bake, decorator and etc. We had our baker for many years, but I also have to warn, a partnership in business is like a marriage, so pick your partner carefully.
Hi everybody!
I am starting a new business and I have some money to invest. Now I am thinking in asking someone who knows how to make everything I want to be a partner. Actually she knows the bake/cook part of it.
Does anyone have any experience with this kind of situation? How much I should offer since "cooking" is what she will do? Should I pay for her time like a regular employee too? I am lost!
Also how can I calculate "truffles" pricing? It is so little of everything (supplies) but then all the other costs... It is my first time having this kind of business so I have no idea...
Thank you very much!
Kaka
How much you pay her is determined by the partnership agreement. A partner shares in the profits, not just draws a salary, and they usually do both (although partners/owners are paid last, *IF* they have money left over).
A partnership agreement should be reviewed by an attorney and have a get-out-buy-out contingency clause. My attorney advised that partnerships should be 49-51 minimum "....because SOMEONE has to be in charge" and it eliminates stalemate decision making. (you say yes ... she says no .... now what?).
As said above, a partnership is like a marriage. It's much much more than "oh lets run a business together!" thing. It's a legal, binding relationship.
Are you bringing anything to the table besides the money? I ask, because in your other thread you asked for advice on how much to pay someone who pretty much does the entire making/baking/decorating part of a cake.
And sweetie, honestly, if you don't know how to establish pricing for your products, you are no where NEAR ready to open a business.
Have you done your business plan yet, which is the document that tells you what your costs will be, what your expenses will be, what your overhead will be, what your pricing will be, and how much volume you need to make to pay all of the above? This document isn't something that is thrown together overnight. (Mine took close to 9 months, plus the assistance of a professional orgz that assists people with biz plans AND a professional CPA.)
you might contact your local SBDC and the SCORE chapter in your area. They are awesome about helping start up businesses with biz plans and other questions. 
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